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Oil Falls Below $96 Per Barrel As Dollar Rises

OPEC said it expected global oil use to be "much higher" in the second half of the year, but warned that the struggles of the eurozone and possible lower growth in China could hurt demand.

"A fragile recovery in the global economy has been visible since the beginning of the year, but momentum has started slowing again and growth risks are skewed to the downside," OPEC said in its monthly report on the oil market.

Brent crude, which is a benchmark for many international oil varieties, was down $1.73 to $102.74 a barrel on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

â¿¿ Wholesale gasoline fell 3.66 cents to $2.8485 a gallon.

â¿¿ Heating oil lost 4.72 cents to $2.8894 a gallon.

â¿¿ Natural gas was steady at $3.983 per 1,000 cubic feet.

___

Pamela Sampson in Bangkok contributed to this report.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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